As a startup ourselves, there has been so much to learn in such a short space of time. We've also learned many lessons from our 8,000 entrepreneurs across the country, who are helping develop the startup landscape for the future.

With 8,000 loans given to budding entrepreneurs across the country, and an expansion of the scheme to people over 30, the statistics speak for themselves. So the question is, what have we learned in our first year of trading?

The most important thing to understand about starting a business is that it isn't easy. Even with an MBA in business management, five years of working at Google or Microsoft, excellent projections for your business and its sales, and lots of interest around your idea and future, starting your own company is one of the hardest things you'll ever do. It is also one of the most important decisions you'll make.

What you'll need above all is the hunger, passion and determination for it to work. When you love what you do, you do it well, so make sure it is something which genuinely excites and interests you.

When starting a business, you'll be underestimated by other more established entrepreneurs, competitors, potential investors, maybe even family and friends. But this isn't necessarily a bad thing. I'd personally rather be doubted at the beginning and prove people wrong, than fall short of high expectations.

As a startup, you need to try and surround yourself with capable people who share your vision. A good team is crucial as it is very difficult to do everything yourself to the required quality. Be thorough with your search as at the early stages of a business you cannot afford to make mistakes with hiring. The chances are people will have to get stuck into many different facets of the business, so any recruits must have the right mentality.

As you continue your journey, you will need to keep expanding your team in order to grow and improve. What I know of team building is that you have to be prepared to be fluid, and work with a whole range of individuals that have different characteristics and talents. Not everybody will be a dominant personality and not everybody will have an analytic mind. This can be a good thing, as multi-disciplined teams provide a range of approaches to any problems you are facing. The key for any entrepreneur is to get that blend of qualities to work as a cohesive unit towards the same goal.

At Start Up Loans, our team is always growing and adapting to suit the needs of our entrepreneurs. We have a network of delivery partners across the country too, who help us administer the loans, as well as a core operations team who work to keep it all together.

We also have a network of mentors who support the businesses' development, complement the advantages of the loan and guide recipients through the first year. To me, this is as crucial to the entrepreneurs as the money they receive. You can never underestimate the value of somebody experienced who can provide an honest and impartial viewpoint. Entrepreneurs, particularly those starting a business for the very first time, can sometimes be so immersed into their business that they may not fully grasp issues they are facing, so a mentor can be a great asset.

Leadership is required from day one. When starting a business, anything that can go wrong will go wrong. You have to be prepared for this and be decisive with your actions. These qualities will be integral to your success as an entrepreneur.

As chairman, I am in a very fortunate position to watch this scheme grow. I passionately believe that entrepreneurship and small businesses are critical to economic growth and am thrilled with what we have achieved so far. With the support of a fantastic team, the initiative has moved from strength to strength, and long may it continue.

James Caan is chairman of the Start Up Loans Company. Each fortnight he will be tackling a different business issue. Keep up to date by visiting the network and signing up to our weekly newsletter. We welcome your suggestions for future topics and questions regarding your own business – please share them in the comments thread below.